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GCSE Business Studies -The Business Framework

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GCSE Business Studies -The Business Framework GCSE Business Studies The Business Framework Support Materials KS4 Business Studies The Business Framework These documents are part of a larger blended learning pack, developed to support GCSE Business Studies. Each document is complemented by a range of digital resources. These digital resources could be used for whole class stimulus and discussion before directing the students to the corresponding work in the PDF documents, or the students could be asked to work in groups on the paper resources found in the packs and then the digital resource used for feedback and to check understanding. ($4& Business Studies The Business Framework The Business Framework Why and how businesses start People who set up and run their own businesses are often called ENTREPRENEURS. There are a number of reasons why entrepreneurs choose to become self-employed and run their own business. Reasons for starting a business include: Self employment may be an appealing option following redundancy as it provides employment and an income for the owner. Running a successful business can provide personal satisfaction. The ability to be their own boss and make all the decisions, for example, entrepreneurs can choose their hours RIZRUNWRVRPHH[WHQWWR¿WLQZLWKWKHLUOLIHVW\OH Continue to run an existing family business. Self-employment provides the opportunity for business owners to earn a living from a hobby or particular interest. (QWUHSUHQHXUVDUHQ¶WQHFHVVDULO\PRWLYDWHGE\SUR¿WVRPHGHYHORSVRFLDOHQWHUSULVHVFKHPHVWREHQH¿WWKHLU local area. The functions of an entrepreneur An entrepreneur is a person who uses their initiative to start a business enterprise. To succeed and achieve their aims, entrepreneurs need to be able to: )LQGDQGFRPELQHWKHKXPDQSK\VLFDODQG¿QDQFLDOUHVRXUFHVQHHGHGWRVWDUWDEXVLQHVVDQGRUJDQLVH production of a good or service. Take risks, as they are investing their own money into a business which may fail. Show initiative as the business environment is constantly changing. Be innovative and develop new ideas. Overcome any problems they may face. 1 ($4& Business Studies The Business Framework What other skills and qualities are needed to be a successful entrepreneur? Starting and running your own business requires different qualities to those of a good employee. Successful business people have a range of skills and qualities, these include those shown above as well as: Planning skills &RQ¿GHQFH Creativity Leadership Self-starter Committed People skills Discipline Passion 2 ($4& Business Studies The Business Framework Case Study: Creative Designs Carra Robinson had worked for a bank for 6 years since completing her university degree in Graphic Design. Although Carra received a steady wage from her job with the bank she did not feel challenged, and longed to put her expertise in design-work to use. &DUUDRIIHUHGWRGHVLJQDSURPRWLRQDOOHDÀHWIRUDIULHQG¶VQHZEXVLQHVVVKH SURGXFHGWKHOHDÀHWRQKHUKRPHFRPSXWHUDQGSULQWHGFRSLHV&DUUD¶VIULHQG ZDVVRLPSUHVVHGZLWKWKHGHVLJQDQGTXDOLW\RIWKHOHDÀHWVWKDWVKHDVNHGKHUWR SURGXFHDEXVLQHVVFDUGDQGQHZVSDSHUDGYHUWWRFRPSOHPHQWWKHOHDIOHW7KLV JDYH&DUUDWKHFRQILGHQFHWRSURPRWHKHUVHUYLFHVWRRWKHUVPDOOORFDO EXVLQHVVes and she managed to obtain a number of orders to design and print promotional materials. More Rrders Cara was soon receiving regular and repeat orders, she completed these in the evening after her days work in WKHEDQN,WZDVGLI¿FXOWKROGLQJGRZQDIXOOWLPHMREORRNLQJDIWHUKHU\RXQJIDPLO\DQGFRPSOHWLQJWKHRUGHUV but she enjoyed the creative aspect of the work and wanted to give up her job in the bank to become self-employed. Carra was nervous about giving up the regular wage from her job at the bank, she realised that starting her own business would be a risky decision as she also needed to invest money into purchasing a better computer, design software and printer to enable her to provide a professional service. Carra saved all the income she made from her design work until eventually she had enough money to upgrade her equipment and software. Showing initiative One day a regular customer of Carra’s complained that the delivery people they were using to distribute the OHDÀHWVGRRUWRGRRULQWKHORFDODUHDZHUHQRWSURYLGLQJDUHOLDEOHVHUYLFHDER[RI&DUUD¶VOHDÀHWVKDGEHHQ discovered discarded in an alleyway. Carra realised that there was a gap in the market and decided to provide DQRSWLRQDOOHDÀHWGLVWULEXWLRQVHUYLFHIRUORFDOEXVLQHVVHVIRUDQDGGLWLRQDOFKDUJH&DUUDLQYROYHGKHUKXVEDQG DQGRWKHUIDPLO\PHPEHUVLQWKHGLVWULEXWLRQRIOHDÀHWVEXWUHDOLVHGWKDWLIKHUEXVLQHVVZDVWRFRQWLQXHWRJURZ she would need to give up her work at the bank. Carra sent samples of her work, together with a price list, to larger businesses in the area and contacted a local SULQWLQJVKRSWRQHJRWLDWHIDYRXUDEOHSULQWLQJFRVWVWRIXUWKHULPSURYHWKHTXDOLW\RIKHUOHDÀHWVDQGHQDEOHKHU to complete bigger orders. Big break Carra’s big break occurred when a local businessman, who owned several convenience stores, asked her to GHVLJQDSDJHOHDÀHWQRWMXVWIRUWKHORFDODUHDEXWDOVRIRUFRQYHQLHQFHVWRUHVLQRWKHUQHDUE\WRZQVDVZHOO her largest order to date. Carra was nervous about accepting the order but decided to take the risk. The customer was pleased with the work and placed further regular orders. 3 ($4& Business Studies The Business Framework Success Carra admits that her workload is far heavier than she expected - she works longer hours than she did at the bank. Carra has also found that running a business has required that she develop new skills not previously required in her job at the bank. As Carra’s business has grown she has needed to develop people-management skills in order to lead her new employees, book-keeping skills to complete her tax returns correctly and time-management skills to ensure her FXVWRPHURUGHUVDUHPDQDJHGHI¿FLHQWO\ On the whole, Carra describes running her own business as challenging but rewarding and does not regret her decision to become self-employed. Suggest what you think are the two motives Carra had for starting her own business? 1. 2. Why do you think Carra was reluctant to give up her job to start her own business? Identify three skills Carra needed to be a successful entrepreneur. 1. 2. 3. 4 ($4& Business Studies The Business Framework Past Paper Examination Question - 2013 Ryan Davies has been a keen reader since childhood. After being made redundant from a travel agent business, where he had worked for a number of years, he decided to set up a shop selling new and second-hand books. 6uggest and explain two reasons why people such as Ryan want to set up their own business. (4) (i) (ii) Suggest two aims Ryan might have for the business. () (i) (ii) 5 ($4& Business Studies The Business Framework What is a stakeholder? $VWDNHKROGHULVDQLQGLYLGXDORURUJDQLVDWLRQWKDWKDVDQLQWHUHVWLQRULQÀXHQFHRQDEXVLQHVVRUJDQLVDWLRQ Stakeholders of organisations may include: Shareholders/Owners Customers Workers/Employees Managers The government Pressure groups Local community Suppliers and Lenders Stakeholder expectations Each stakeholder group will be interested in the performance and actions of the organisation and will have different expectations. Owners The owner of a business has contributed their own money to developing the business and will have a great LQÀXHQFHRQWKHDFWLRQVRIWKHEXVLQHVVDVWKH\DUHKLJKO\LQYROYHGLQGHFLVLRQPDNLQJ2ZQHUVZLOOEH FRQFHUQHGZLWKWKHVXUYLYDODQGWKH¿QDQFLDOVXFFHVVRIWKHEXVLQHVV Shareholders The owners of limited companies are known as shareholders as they have invested money into buying a share of the organisation. Most shareholders are not involved with the running of the business, but will instead elect directors to control the company on their behalf. 6KDUHKROGHUVZLOOEHFRQFHUQHGZLWKWKH¿QDQFLDOSHUIRUPDQFHRIWKHRUJDQLVDWLRQDQGZLOOH[SHFWWKHYDOXHRI their shares to increase (so that they can sell them for a higher price than they bought them). If shareholders are unhappy with the performance of the organisation they can sell their shares. Customers A business cannot survive without customers, their purchases provide income for the business. Therefore, FXVWRPHUEHKDYLRXUZLOOLQÀXHQFHKRZWKHEXVLQHVVRSHUDWHV Customers will expect good quality products and/or service, a good choice and value for money. If customers are unhappy with the actions of the business they may take their custom elsewhere. 6 ($4& Business Studies The Business Framework Workers/Employees and Managers Employees and managers will want the business to succeed as their future employment will depend on the business surviving. They will be concerned with receiving good pay, job security, good working conditions and job satisfaction. (PSOR\HHVWHQGQRWWRKDYHDQ\LQÀXHQFHRYHUWKHRZQHUVDQGDUHQRWXVXDOO\LQYROYHGLQWKHGHFLVLRQPDNLQJ However, managers will make the day to day decisions about how the business is run. Government 7KHJRYHUQPHQWZDQWVEXVLQHVVHVWRVXFFHHGDVWKHEHWWHUWKH¿QDQFLDOSHUIRUPDQFHRIWKHEXVLQHVVWKHPRUH taxes it will pay to the government and the more employment opportunities it will offer. 7KHJRYHUQPHQWLQÀXHQFHVDEXVLQHVVLQDQXPEHURIZD\V$JRYHUQPHQWFDQFUHDWHODZVDQGUHJXODWLRQVWKDW affect the business directly and a government’s general economic policies will also have a considerable effect. )RUH[DPSOHLQWHUHVWUDWHVDQGPLQLPXPZDJHOHYHOVZLOOLQÀXHQFHKRZDEXVLQHVVLVUXQ Pressure groups Pressure groups are groups of people who get together to express their objections to a particular government policy, business decision, or the effects of an organisation’s actions. An example of a pressure group would be an environmental organisational established to complain about the high pollution levels caused by industry. Pressure groups can
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